Title
GBPUSD H1 | Bearish Continuation Setup
Type
Bearish Reversal
Preference:
The price is currently rising toward the pivot level at 1.2267, which aligns with the 127.2% Fibonacci extension and the 78.6% Fibonacci retracement. A rejection from this level could lead the price to decline towards the 1st support at 1.2136, a significant overlap support zone.
Alternative Scenario:
If the price breaks above the pivot, it may rise further towards the 1st resistance at 1.2366, a overlap resistance zone.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.